- The S&P 500 fell 1.3% on Monday and hit new monthly lows.
- The drop was triggered by concerns about the vaccine’s efficacy against Omicron.
The US Stock Markets they more than reversed Monday’s gains in what appears to be a classic turnaround on Tuesday, with the S&P 500 slipping back below 4,600 to hit new monthly lows at 4,570. That marks a 1.8% drop for the index on the last trading day of the month and puts the S&P 500 on track to post a 0.6% monthly loss. Technicians will contemplate a stress test at the 4,550 area.
In terms of the other major US indices; The high-tech Nasdaq 100 Index is suffering losses of about 1.7%, while the stocks most exposed to value / cyclicality, the Dow, are down 1.8%. In other words, losses in the US equity markets are fairly even / broadly distributed. The CBOE S&P 500 volatility index, often referred to as the VIX or Wall Street Fear Indicator, rose nearly 5 points to 27.70, just a few points below last Friday’s highs of 29.00.
Additional technical levels